090914 – Sept 4 low did not hold

Technical Read: As predicted on the weekend comments, the Sept 4 closing low did not hold. Lower lows spell the classical downtrend. I continue to seek an exit and discern the level that the current trend becomes overextended. I lament that my readings are not giving my two round trips per month, but I am glad to be on the right (short in this case) side of the market. I guess in the end, a trader must take whatever situation the market gives.

Backdrop:

The quick headline news today was the new product announcements from Apple. The once maverick computer maker is beefing up their cell phone line and introducing a new personal electronic device: a watch. So what does this have to do with gold? The day started with expectations but the S&P 500 (and Apple stock) closed lower by the end the day. I think US stocks are going to be in a haze (largely non-trending) for a while. Neutral for gold.